Post Office Senior Citizen Savings Scheme: Post Office is running a variety of special schemes for every category. Investing in these schemes can prove to be a profitable deal for you. If you are thinking of investing in the Corona era, then the Post Office Senior Citizens Savings Scheme (Post Office SCSS) may be the best option for you. In this scheme you will get interest at the rate of 7.4 percent. At the same time there will also be a guarantee of money security. However, this scheme is only for people 60 years or older.
Who can invest?
To invest in the Post Office Senior Citizen Savings Scheme (SCSS Interest Rate), a person must be at least 60 years old, i.e. only those aged 60 years or above can avail the scheme. At the same time, people who have taken VRS (Voluntary Retirement Scheme), those people can also open an account under this scheme.
How much interest will be received?
Under this scheme, the rate of interest will be 7.4 percent on the amount deposited. You can invest a maximum of Rs 15 lakhs in this scheme. A senior citizen couple can jointly invest up to Rs 30 lakhs. Under this scheme, accounts can be opened with a minimum amount of Rs 1000. There is a lock-in period of 5 years for the principal, but premature withdrawal is allowed after completion of one year after paying the fine. Apart from this, you cannot have more than 15 lakh rupees in this account. Investment in this scheme is exempt under Section 80C of the Income Tax Act.
Will get 14 lakh rupees in 5 years
If you invest a lump sum of Rs 10 lakhs under this scheme, then after 5 years at the interest rate of 7.4% per annum, at maturity, the investors will get a total amount of Rs 14,28,964. Such an investor is getting a profit of Rs 4,28,964.
How to apply
For Post Office Senior Citizen Savings Scheme, you can contact your nearest post office. Apart from this, you can also visit the official website of the post office.